California real estate giant Alexandria Real Estate Equities (NYSE: ARE) has made its latest land grab in Research Triangle Park with the purchase of a massive build-to-suit site.
Durham County deed records show the Pasadena-based company paid $91 million for Genesis at Research Triangle Park, a 100-acre site set for uses that include lab and life science to office and industrial.
The land is situated at 3029 E. Cornwallis Road on the west side of Highway 147 in RTP.
The seller, The Keith Corporation of Charlotte, paid $7.6 million to GlaxoSmithKline (NYSE: GSK) for the property in 2018. At the time, the company said the site could accommodate up to 5.5 million square feet of build-to-suit commercial space.
It's unclear if Alexandria Real Estate expects to change the plan for the property. The company declined to comment on its plans.
The sale did not include any finished structures though the site has already begun fielding calls from interested companies.
In January, California-based DPR Construction announced it would be the first tenant to sign on for space at Genesis and revealed plans for a 100,000-square-foot “living laboratory” at the site.
The facility will provide a centralized location for DPR's staff as well as a laboratory to develop innovations for the company's prefabrication processes as well as its virtual design, engineering and architecture workflow.
Representing Keith Corp. in the sale was JLL’s Sarah Godwin, director, Capital Markets; John Mikels, director, Capital Markets; Ryan Clutter, senior managing director, Office Group; Daniel Flynn, director; Al Williams, vice president, Industrial; Bill Sandridge, managing director; Caitlyn Kinnaird, managing director; Hillman Duncan, managing director; Dennis Hurley, managing director; and Patti Autry, vice president.
The deal is Alexandria’s latest purchase in Research Triangle Park. In April, the company paid just over $42 million for a collection of properties at Parmer RTP. The properties are situated on 98.2 acres at 2473 Northeast Creek Parkway, 2000 Ellis Road, and 2102 So-Hi Drive.
Last year, the company bought 253 acres of Parmer RTP for $590.4 million.
